ICA profits grow 34% in Q1 as construction rebounds

Tuesday, May 3, 2011

Mexican construction firm ICA (BMV, NYSE: ICA) saw its net income grow 34% year-over-year to 293mn pesos (US$24.6mn) in Q1 this year compared with 218mn pesos in 1Q10.

The results were influenced by significant revenue growth and better operating margins in the firm's construction businesses, ICA said in its quarterly earnings report.

Total revenues were up 21% in the quarter to 8.54bn pesos, while operating income climbed 24% year-on-year to 765mn pesos.

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The company's industrial construction unit reported revenues of 1.05bn pesos, up 42% year-over-year. The firm's airports division was basically flat, posting income of 620mn pesos compared with 622mn pesos in 1Q10.

Ebitda for the quarter was 1.44bn pesos, an increase of 28% over the same quarter last year.

For ICA's full report, go to this link